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USAA targets at least $225m from new Residential Reinsurance cat bond
The new Residential Re 2026 Limited, Series 2026-2 deal aims to provide per-occurrence reinsurance coverage following a typical hurricane season slowdown.
USAA, the US military mutual insurer, has returned to the catastrophe bond market with plans for Residential Reinsurance 2026 Limited, Series 2026-2, targeting at least $225 million in reinsurance, according to Artemis.
The issuance is expected to provide per-occurrence reinsurance coverage, and it comes as the catastrophe bond market reopens for broadly syndicated 144A deals after the typical hurricane season lull.
Artemis notes that USAA has been a consistent sponsor in the cat bond market, and that its recent activity includes an $825 million Residential Re 2026-1 deal in April and $400 million of multi-peril per-occurrence reinsurance from the Residential Re 2025-2 cat bond roughly a year ago.